Gold Price Faces Pullback Risk as Resistance Test Looms

The price of gold has been on an upward trend since its recent swing low, gaining 11.4% to this week's high.

However, given the significant increase in a short period, a deeper pullback is not unwarranted and may even help build momentum for another leg up.

The support zones for bulls are in place, with the lower swing high near $4,203 being a key level. A rise above it triggered a reversal of the downtrend structure, making it a crucial point to watch.

The 61.8% retracement is at $4,167, which aligns with the rising 20-day moving average at $4,175 and the 50-day moving average at $4,146.